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Kenya: Inflation Inches Higher
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The Nation (Nairobi)
6 May 2008
Posted to the web 6 May 2008
Nairobi
Kenyans will have to tighten their belts further as inflation continues to surge to levels last recorded over ten years ago.
According to Central Bank of Kenya's economic review for April, inflation moved up by five basis points to 26.6 per cent as food and fuel prices soared.
In March, the inflation stood at 21.8 per cent. And economic experts have warned that if fuel prices do not stabilise, inflation will keep rising, severely denting the buying power of low income earners.
"Food and fuel constitute a huge chunk in the consumer index and their prices have a great impact on general price levels," said Mr Job Kihumba of Standard Securities.
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Rise further
Mr Kihumba said maize prices will rise even further in the last quarter of the year due to disruption of agriculture early in the year.
A surge in food prices in the international market has sparked riots in some countries, with the World Bank saying measures need to be put in place to cushion the poor.
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